Is it too late for me to include income that I failed to report on my Chapter 7 petition?

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I filed a chapter 7 and did not include rental income I receive. Will I get in trouble for not including it initially if I now amend the petition?

Attorney Answers

8
Peter Maurice LivelyBankruptcy AttorneyCulver City, CA ·
It isn't too late. You have a duty to report all assets as of the petition date and certain assets that you receive within 6 months of the petition date. Amend your schedule "I" and your B22 (Means Test). You shouldn't have any problems provided that you are amending your documents prior to the erroneously omitted asset being discovered by the trustee or a creditor.
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Shelley Elder ·
No problem, your attorney can amend and hopefully it will not give you too much income or you will have an offsetting mortgage. Good luck
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David Rausa ·
If your case is still open and you have not had your First Meeting of Creditors, then it is always important to have correct schedules filed with the court. If your meeting has been concluded, but still open, then I suggest you speak with the trustee assigned to your case. In any event, speak with a local bankruptcy attorney as soon as possible.
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Gabriel Waddell ·
Without knowing where you are at in the process, it is hard to know whether you will get into trouble for having not disclosed the income. If it was an honest mistake, normally you will be OK. If it was a purposeful omission, that could be a much bigger deal. That being said, you are under an obligation to make sure your schedules are accurate, and you need to amend the schedules to meet that obligation. It also may be a good idea to go talk to bankruptcy counsel, even post-filing, to address any ongoing issues.
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David Patrick FarrellBankruptcy AttorneyLong Beach, CA ·
The law requires you to disclose all income in your petition. Amend your schedules to list it. You won't get in "trouble", but the additional income could affect your eligibility for chapter 7. Good luck!
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Stuart Steingraber ·
I concur with the answers from my colleagues. It appears you are representing yourself in the BK. Big mistake. BK is not a DIY project. Hire/consult with a BK atty by clicking the tab "Find a Lawyer". Many of us offer free consultations.
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Dorothy Bunce ·
It is always too late after you have been caught. Getting caught submitting incomplete information can become a crime and can cost you the right to discharge debts in bankruptcy. Fess up sooner rather than later & pray your budget works to allow you to continue in a Chapter 7. See more info below. Hope this perspective helps!
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Navid Kohan ·
Very important to hire a bankruptcy attorney to review your schedules and make the necessary amendments. A bankruptcy attorney can also assess any issues the extra income would have, if any, on your budget and even qualifying for the Chapter 7.
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